The Pakistani rupee registered marginal gain against the US dollar in the open market on Friday, while the local currency continued its appreciation run in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 285 for selling and 282 for buying purposes for customers, unchanged from the previous close.
However, at the end of trading, the currency closed at 284.75 for selling and 281.75 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
In the inter-bank market, the rupee continued to march upwards against the US dollar for the ninth consecutive session as it appreciated a marginal 0.09% on Friday. As per the State Bank of Pakistan, the local unit settled at 283.87 after an increase of Re0.25.
As per a report from Bloomberg, the IMF’s executive board will meet on January 11 to consider the final approval to disburse the next $700 million tranche from its current loan programme with Pakistan.
Pakistan has been facing an acute balance of payment crisis, with its foreign exchange reserves diminished, along with historically high inflation and an unprecedented currency devaluation.
The country’s foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $237 million on a weekly basis, clocking in at $7.02 billion as of December 1, data released on Thursday showed.
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